Technology News

Market for vehicle battery modules to grow to $3.7 bn by 2014

October 16, 2009 | | 220601194

Market research analysts, NextGen Research (Oyster Bay, New York) has released a new market study of the hybrid-electric and electric vehicle markets that predicts the market for vehicle battery modules will see growth from about $1.3 billion in 2008 to $3.7 billion by 2014.

Winchester, UK - Market research analysts, NextGen Research (Oyster Bay, New York) has released a new market study of the hybrid-electric and electric vehicle markets that predicts the market for vehicle battery modules will see growth from about $1.3 billion in 2008 to $3.7 billion by 2014.

The new market study entitled "Electric and Hybrid-Electric Vehicle Components: The Global Market for Batteries, Ultracapacitors, Electric Motors, and the Electronics that Improve Vehicle Efficiency" builds on NextGen Research's research on electric vehicles and both consumer and commercial hybrids, and presents the overall vehicle sales forecast data segmented by hybrid, electric, and hydraulic architecture from 2008 through 2014. The vehicle volumes are used to estimate the market size (volume and value) for battery modules, motors, and power electronics.

The study's author, Dave Alexander, said: "The most significant change over the last year or so has been the shift in attitude towards Lithium-Ion batteries for vehicle energy storage; from being a future vision of 5+ years away to the next production rollout within 12 months. Even Toyota has agreed that its NiMH battery packs are in the process of being phased out in future models. OEMs are now competing to be the first to market with a Li-ion energy storage system."

Alexander explains that this change in approach to batteries was forced by the lack of any other remotely acceptable alternative, amid growing pressure to produce a new generation of hybrid vehicles.

"The support from governments around the world to develop their own local industries also has made lots of capital available during a period of belt-tightening. Jumping on the Li-ion band wagon was the only logical choice for most auto manufacturers," summarized Alexander.